Sinclair quickly suits up and heads out in a Starfury, ordering Ivanova to take over in C'n'C and activate the defense grid. If he cannot grapple the alien ship, he orders her to destroy it before it hits the station. Sinclair manages to snag the ship and brings it into the docking bay.

On his way to Medlab, where the sole occupant of the ship has been taken, Sinclair meets Ambassador Delenn, who asks about the ship (which was heavily damaged by enemy fire). She asks to accompany him, and he accepts. Dr. Franklin has the occupant in treatment. Delenn is shocked when she sees the unconscious being is a Soul Hunter. She tries to kill him herself, but when Sinclair stops her she begs him to kill the alien before someone dies.

Later, Delenn has Sinclair over to her quarters to explain about the Soul Hunters. She apologizes for her violent outburst, explaining that even as children Minbari are taught to fear and be watchful for the Soul Hunters. She goes on to explain that they are immortal beings drawn to death who seek out and steal souls – a terrible crime for her people's beliefs. She warns that everyone on the station is in danger so long as the Soul Hunter remains.

The effect of the Soul Hunter's presence is quickly evident – many of the aliens stay inside their quarters, and many others leave the station immediately.

In Down Below, a hustler cons a few transients out of their money. When he is discovered to be a cheat, he is pursued and attacked. In the Isolab, the Soul Hunter awakes, apparently totally recovered, and announces he can feel an impending death. Even as he does so, the con man is brutally assaulted, left an inch from death. He is rushed to Medlab, but dies soon after arrival from his injuries. The Soul Hunter declares he can see Death come and claim the victim.

Afterwards, he enters into a meditative state, chanting in his native language and ignoring Sinclair's initial attempts to get information about his origins or how he knew the con man was about to die. The Soul Hunter only responds when Sinclair accuses him of being a thief of souls, arguing instead they are preservers for the greater good. He acknowledges that, regrettably, the Minbari hate them. He explains their task is to preserve the souls of "special ones," great leaders, thinkers, poets, etc. Dr. Franklin dismisses the very idea. Sinclair asks about the Minbari again, and learns that the Soul Hunters harbor a special grudge against the Minbari for preventing them from taking the soul of Dukhat, the greatest leader and "pinnacle of Minbari evolution," when he was mortally injured in the human attack that precipitated the Earth-Minbari War. Sinclair expresses his own doubts about the Soul Hunter's claims. He orders that the Soul Hunter must remain in the IsoLab until his ship is repaired, and then he will have to leave immediately.

Franklin completes the autopsy of the con man. Afterwards, with his family unable to afford his body being transported back to Earth, he is placed in a coffin and committed to the deepness of space. Franklin ruminates with Ivanova over the shortness of human existence.

Meanwhile, Delenn returns to the IsoLab to ask about the Soul Hunter's collection. She declares she will tear apart the Soul Hunter's ship to find any stolen Minbari souls and release them. The Soul Hunter dismisses the Minbari belief of the souls melding together and being reborn. The Soul Hunter recognizes Delenn as being a Satai of the Grey Council, as he remembers her from being present at the death of Dukhat. Delenn, disturbed by his knowledge of her position, leaves immediately. The Soul Hunter escapes right afterwards, taking the firearm of a guard he subdues.

The Soul Hunter manages to recover his collection from his ship. He believes he is there to claim the soul of Delenn.

Garibaldi quickly begins to try and locate the Soul Hunter. His ship is completely incapacitated, so Garibaldi suggests they start their search in the alien sector.

The Soul Hunter goes to N'Grath, one of the few aliens who either does not know what he is or does not care. He sells the Soul Hunter a level 5 security pass, along with a map of the hideaways and little used corridors of the station.

A second Soul Hunter ship exits hyperspace, requesting to board and see Commander Sinclair quickly, warning that someone is about to die. Garibaldi goes with Sinclair to meet the new Hunter. Once aboard, the Hunter warns that the first Soul Hunter is "deeply disturbed," and will take the life of someone soon. The second Soul Hunter explained that the first Soul Hunter became unbalanced following the failure to preserve Dukhat's soul, as well as the souls of several others after him. He decided that rather than wait for death and risk being too late, when he discovers a worthy candidate he will just kill them – something the Soul Hunters forbid. The rest of the Order has been pursuing him for some time, as several lives have already been lost.

The Soul Hunter kidnaps Delenn, taking her someplace hidden, so that he can murder her and steal her soul. He believes this will finally restore a balance lost when Dukhat was killed.

Delenn cries out to be released. The Soul Hunter tells her that to rip the soul from her body would damage it, so instead he will bleed her to death and take the soul at the last instant. As he begins his work, he manages to catch a glimpse of Delenn's soul – and is shocked by what he sees that she is planning for the future.

The second Soul Hunter is able to sense Death coming, and pinpoints a location on the station. Sinclair and Garibaldi bring a security team and split up to search. Sinclair finds him, and injures him in a shootout. The Soul Hunter attacks Sinclair physically, yelling that Delenn "is Satai! They're using you!" Sinclair discovers the Soul Hunter's collection, and the angered souls of the murdered dead rise up against him. Sinclair turns the machine on the Soul Hunter himself, ripping his soul from his body and killing him.

Delenn is taken to medlab to recover, with Franklin amazed at her strong constitution. Sinclair goes to Delenn's bedside, and waking for a moment she tells him "we were right about you." Sinclair suspects she will never explain what she means by this.

After his shift, Sinclair asks his computer to run a search of the Minbari word Satai, and it identifies its meaning. Sinclair is confused by the result, as it implies Delenn is a member of the ruling body of the Minbari – which he cannot rationalize with why she would be serving as an ambassador.

The second Soul Hunter prepares to leave. Sinclair makes it clear that his kind are not welcome aboard for what they do. The Soul Hunter accepts this, but asks whatever happened to his brother's collection. Sinclair explains it is just one of life's mysteries.

In her quarters, now fully recovered, Delenn breaks open the soul globes, allowing the lost souls to be free.